Final Results

Redrow PLC 11 September 2001 11 September 2001 PRESS RELEASE Redrow plc today announced its Preliminary Results for the 12 months to June 2001. * Earnings per share increased by 34% to 30.2p (2000: 20.5p). * Dividend of 5.5p per share (2000: 4.95p), an increase of 11%. * Return on capital employed at 28% for fourth year in succession. * UK Homes operating margins at 17.9% (2000: 16.1%). * UK Homes operating profits increased by 18% to £74.6m. * Current land bank increased to 14,300 plots (June 2000: 13,500 plots). * Value of forward sales up 32% to £176m. Commenting on the results, Robert Jones, Chairman of Redrow plc said:- 'I am delighted to report that it has been an excellent year for Redrow. The successful share buy-back in Autumn 2000, coupled with the continued trading success of the Group's operations, have resulted in an increase in earnings per share of 34%. The Board retains its strong commitment to deliver Shareholder value. Redrow has delivered consistently high quality financial results. The Board's objective is to ensure that remains the case for many years to come.' For further information contact: Robert Jones, Non-Executive Chairman Redrow plc Paul Pedley, Chief Executive 0207 404 5959 (11 September) Neil Fitzsimmons, Finance Director 01244 520044 (thereafter) Derek Bainbridge/Gavin Partington/Nina Richmond Brunswick 0207 404 5959 Further information on Redrow plc can be found at www.redrow.co.uk CHAIRMAN'S STATEMENT I am delighted to report that it has been an excellent year for Redrow. Undoubtedly the most significant event of the year was the successful purchase of 30% of the Company's shares via a fixed price tender last Autumn. The driving force behind that decision was a strong commitment by the Board to deliver increased Shareholder value. Having examined numerous options related to the process of industry consolidation, your Board decided that all these alternatives would lead to a diminution in the Company's returns, as well as making the acquisition of an increased and sustainable land bank that much more difficult. We therefore concluded that a significant purchase of the Company's own shares would best fulfil our objectives. I am happy to report that there has, as a result, been a substantial increase in earnings per share, which is up by 34%, reflecting both the more efficient share capital base and the continuing trading success of Redrow. These financial reports once again demonstrate the factors that make Redrow such a successful company. Our Group operating margins this year at 18.9% remain amongst the best of those in the industry, reflecting our commitment to sustaining them over the long term. Equally return on capital employed remains high at 28%, demonstrating an efficient use of the funds available. All this enables me to report that Group operating profits at £79.5m are up by 17% on the previous year with the profit before tax up by 7% to £72.1m. The Company draws its strength from the talents of the many men and women who work for it and with it. I believe our team in the centre and in the regions is second to none in the housebuilding industry and is backed up by an excellent team of suppliers and subcontractors. As a result of this, we have had an outstanding year in terms of public recognition of our achievement. For the third successive time, Redrow was the winner of the Daily Express 'Best National HouseBuilder' award. Pleasingly our commitment to customer service was recognised by the attainment of the HSBC 'Quality Service Award', and closer to home, Redrow was named as winner of the prestigious Welsh 'Company of the Year' award, earned against considerable competition from companies in other sectors. Much of this recognition reflects the quality of our products, which are indeed many and varied. Our traditional Heritage Range continues to be highly appreciated by our customers to which we have added the Harwood Range, now available in all parts of the country, and ranges for city and urban centres, as well as quality refurbishment schemes. Developments in the cities illustrate the fact that Redrow has anticipated many of the planning policy and social changes taking place in Britain. We have been developing brownfield sites for many years and this now represents over half of our output and approximately 60% of our land bank. We are also finding a strong market for our high quality design solutions to the challenges posed by the Government's drive for higher density, lower car-use developments. It is therefore particularly frustrating to find that brownfield developments, in line with Government planning policy, take at least as long to go through the planning system as their greenfield equivalents. Despite this we have further extended the current land bank which now stands at 14,300 plots. An area where Redrow has been able to take advantage of changes in Government policy is in the field of Mixed Use Schemes. With the advantage of both commercial and residential operations we have been able to secure some notable opportunities for development. The most significant of these is Buckshaw Village in Lancashire, which is one of the largest brownfield sites in the North West and which is destined to be the location for approximately 2,000 homes integrated with one of the major new commercial developments in the region. Redrow is a company that has always embraced change and has been highly successful in identifying the opportunities that arise as a result, putting in place the tools necessary to take advantage of the openings created. It is therefore pleasing to report that not only are we identifying new locations in which to make the Redrow product available but we have also initiated a significant investment in IT and Training to underpin our future success and to make sure that we have the systems necessary to continue to deliver excellent results in the years ahead. Redrow is also committed to help its staff achieve their full potential. Internal promotions are a key ingredient in that aim and I am therefore particularly pleased to welcome Colin Lewis, our Western Regional Chairman, to the Board. Redrow is a company that has delivered consistently high quality financial results. The Board's objective is to ensure that remains the case for many years to come. Robert Jones Chairman CHIEF EXECUTIVE'S REVIEW The last twelve months have been a period of significant achievement for Redrow. The combination of record results, operating profits increasing by 17% to £79.5m, and the highly successful share buy-back effected in October 2000, has delivered growth in earnings per share of 34% and for the fourth successive year, return on capital employed has been maintained at 28%. In addition to record financial results, Redrow has secured an unprecedented number of awards recognising the Group's focus on quality, design, customer care and environmental awareness. For the third successive year, Redrow Homes has been awarded 'Best National Housebuilder' by the Daily Express, together with the HSBC 'Quality Service Award' for the third occasion in the last four years. Further, both the Heritage and Harwood brands secured maximum star ratings in the Housing Forum and DETR Customer Satisfaction Survey. Redrow's commitment to the environment has been recognised over a number of years in the Daily Mail 'Green Leaf' awards. In the recently announced results, Redrow developments secured nine of the forty-three awards, including two of the four special category awards; the Civic Trust Award for Princewood, Birkby, and the Tree Council Award for Northop Country Park, Flintshire. Professor Chris Baines, Chairman of the 'Green Leaf' Awards judging panel, commented this year that 'new homes can make a very positive contribution - to their surroundings, the economy and the community'. Redrow would totally endorse this view. In addition to the recognition secured by the Homes Division, the recently completed 138,500 sq. ft. office complex at Windsor has been awarded an 'Excellent' rating in the Building Research Establishment's Environmental Assessment Scheme, one of a very limited number of office developments to receive this award. These results and accolades are a clear endorsement that Redrow fully recognises its responsibilities to its shareholders, its customers and the broader community. REDROW HOMES At the time of the announcement of the share buy-back, the Group acknowledged the importance of its core strengths, namely:- * an outstanding product portfolio combined with a clear focus on customer care; * a long term land policy which has delivered a substantial low cost land bank; and * an excellent management team with a style and culture unique to Redrow. These strengths have historically served Shareholders well and will continue to form the basis of future strategy. Building on these strengths, the Group recognised the need to place greater emphasis on developing a more streamlined operating and reporting structure and to maximise the benefit that could be derived from the complementary nature of the Redrow brands. During the intervening period, the Homes activities have been rationalised into ten operating companies, structured into three reporting Divisions, Northern, Southern and Western, each of which is accountable through a Regional Chairman to the Main Board. In addition, each company has been allowed full access to the 'Heritage', 'Harwood', 'Renaissance' and 'In the City' brands, which are marketed under the Redrow corporate umbrella. This has enabled the opportunities for growth to be enhanced whilst at the same time controlling the investment in overheads. This change of emphasis has been fully implemented within the Homes Division and has been one of the factors behind the strong sales performance during 2001. Redrow Homes has again reported record results with turnover increasing by 5% to £417.0m and operating profit by 16% to £76.3m. These results were secured from 3,464 legal completions including the final completion from the Park Heights development in Jersey, which concludes the Divisions interests outside the U.K. The average selling price in the UK increased marginally to £120,200. As is traditional for Redrow, the combined legal completions from the Heritage (including Renaissance) and Harwood brands were largely in balance producing 1,656 and 1,639 legal completions in the first and second halves respectively. However, due to the stage of development, all bar one of the 168 legal completions from the In the City schemes were secured in the second half of the financial year. During the year Redrow Homes continued to expand its market share. In particular, during the 6 months ended 30 June 2001, the volume and value of sales secured has increased by 12% and 24% respectively over the corresponding period in the previous year, in part due to the performance of the city centre schemes. As a result, the Division ended the year with a record forward sales position of 1,266 units, having a combined sales value of £176.0m, 32% ahead of the record levels of last year. Cost pressures within the industry have remained fairly constant over the last 12 months, with inflation averaging approximately 4% over that period. However, it should be recognised that the continuing flow of building regulation enhancements is, over a period of time, increasing the cost base within the industry. Operating margins in the UK companies at 17.9% reflect a substantial increase over the previous years level of 16.1%. This improvement is due to the continuing strength of the Division's land bank, the quality and diversity of the Redrow product portfolio and the ongoing strength of the housing market, which is currently supported by demographic growth, affordability and customer confidence. Given the ongoing delays within the planning system, the focus will continue to be on the maximisation of sales value thereby supporting operating margins for the future. The Redrow philosophy of 'in-house expertise' has been further expanded with the formation of a centralised Health and Safety function, thereby acknowledging the importance placed on this issue by the Group. Whilst recognising the service historically provided by our external safety consultants, this change of emphasis will enable all health and safety issues to be considered and controlled on a more cohesive basis in the future. HOMES DIVISIONS The Northern Division delivered 1,695 legal completions, as compared with 1,654 in the previous year, representing 49% of the total completions of the Group. The average selling price was largely unchanged at £107,000 reflecting the increasing significance of the Harwood brand within the Division generally and in Scotland in particular. The implementation of the operating and brand philosophy previously referred to resulted in the merger of Redrow Homes (Northern) and Harwood Homes (North West) to form Redrow Homes (North West), which is now based at a new office at Preston Brook near Warrington. In addition, the recently established activities of Harwood Homes (Yorkshire) have been absorbed within those of Redrow Homes (Yorkshire), with the first developments for the Harwood product already secured. The Southern Division achieved 978 legal completions, a reduction on the previous year of 107 units. This reduction was entirely due to the stage of completion of the In the City developments which delivered, in line with forecast, 60 completions as compared with 175 in the previous year. The average selling price increased marginally to £143,100, reflecting this change of mix of completions. The Western Division made significant progress during the year, increasing legal completions by 34% to 790 units and the average selling price by 9% to £120,100. In accordance with the corporate focus previously referred to, Harwood Homes (Midlands) has been renamed Redrow Homes (West Midlands) and is now better positioned to maximise the value to be derived from the complementary nature of the Redrow brands. DEVELOPING STRONG BRANDS The quality and diversity of the Redrow portfolio have been major factors behind the strong sales performance during the last twelve months. During the financial year, 75% of legal completions were from the Heritage Range, reflecting its historic and continuing importance within the Group. The Range encompasses distinctive kerb appeal with high specification and thoughtful internal designs providing accommodation from apartments and two bedroom terraces to large detached executive homes. An increasingly important element of the Range is represented by Design Schemes, providing numerous opportunities for individual lifestyles thereby further extending our customers' choice. Renaissance represents a further opportunity for customer choice through the careful restoration of historic buildings. In addition, many refurbishment schemes provide major opportunities for new build development such as at Mickleover, near Derby where the conversion of the late 19th century hospital building into 46 apartments has been complemented by a Heritage development of 147 homes. To complement the Heritage Range, the Harwood Range offers a variety of stylish, contemporary homes and now accounts for 20% of legal completions. From its origins in the North West, Harwood homes are now available within both the West Midlands and Scotland and during the next twelve months, the coverage will be extended to the Yorkshire, South West and South Wales markets. The introduction of the In the City developments represented a major extension of the Redrow portfolio with highly successful developments now in progress in London, Birmingham, Bristol, Cardiff, Manchester and Nottingham. During the last financial year, city schemes delivered 5% of legal completions, a percentage that is anticipated to increase as these schemes mature and further schemes are secured. DEVELOPING A SUSTAINABLE FUTURE One of the fundamental strengths of Redrow remains its long term strategy towards the acquisition of land. Over the last twelve months the current land bank has increased substantially from 13,500 plots to 14,300 plots representing, on an historic basis, in excess of a four year supply. Of these plots, 11,300 have secured planning consent, an increase on the previous year of over 1,000 plots, with the balance held under contract awaiting, in the vast majority of cases, the grant of a satisfactory planning consent. During the year the Group expended £94.9m on the acquisition of land, representing an average plot cost of £20,800. At the financial year end, the average plot cost had increased marginally from £20,800 to £20,900 but as a percentage of annual historic sales price, continues to reflect the downward trend which, over the last four years, has reduced from 18.5% in 1998 to 17.4% for the current year. The publication of Planning Policy Guidance, PPG3, resulted in a number of local plans being deferred for review. As a result, over the last two years the contribution of forward land to land acquired at 15% has been below its historic level. However it is anticipated that over the next few years this contribution will increase as previously allocated land is re-confirmed in revised local plans. At the year end the forward land bank stood at approximately 26,500 plots but of particular significance is the number of plots which are either allocated in draft or adopted local plans or have recently secured planning and are awaiting acquisition. These land holdings have risen from 6,000 plots last year to 8,000 plots this year. Over the last decade, Redrow has established an enviable track record in the development of mixed use schemes. However, with the changing emphasis provided under PPG3, the continuing focus by the Group on such schemes is providing an increasing number of major opportunities. During the year, Redrow secured the 400 acre brownfield site at Buckshaw Village, near Preston, Lancashire. The proposed £400m scheme, which will be developed in partnership with Barratt Developments PLC, will consist of 120 acres of residential and 115 acres of commercial development together with schools and various community facilities. Buckshaw Village represents one of the most significant regeneration schemes in the North West of England. REDROW COMMERCIAL The results for Redrow Commercial reflect a turnover of £4.3m with an operating profit of £1.8m. These results were largely secured from the sale of land at Severnside for a 100,000 sq. ft. distribution facility for occupation by Next plc, together with the sale of the commercial land at Ham Green, Bristol. This latter land was secured as part of the mixed use scheme for the redevelopment of a former hospital and had planning permission for 58,000 sq. ft. of offices, a public house/restaurant and a nursing home. During the year, Windsor Office Park, the 138,500 sq. ft. office development fully let to Centrica plc, achieved practical completion ahead of time and substantially within budget. It is proposed that, subject to the agreement of our joint venture partner, Morley Fund Management, and to market conditions at the time, the investment will be marketed for sale during the next twelve months. At Altrincham, Manchester, the 26,000 sq. ft. office and 6,000 sq. ft. trade warehouse pre-let to ICI achieved practical completion in early 2001. The investment is currently being held pending the development of Phase II, a further 25,000 sq. ft. of offices, for which a detailed planning application is currently being prepared. At Wakefield, the recently completed 8,000 sq. ft. office development has been sold to ICM Computer Group plc. Whilst contracts were exchanged prior to the year end, legal completion was secured in August 2001 and hence the scheme will contribute to profitability in the new financial year. The relocation of Redrow Commercial from St. David's Park to Manchester has significantly enhanced the profile and awareness of the company. During the last six months the management team has been enlarged, the company structure now mirroring the Homes Division, with development teams focused on the Northern, Southern and Western areas, centrally supported by an experienced and knowledgeable project management function. This new structure will greatly facilitate the Group's ability to focus on and secure further mixed use opportunities. REDROW ... IN THE COMMUNITY Redrow fully recognises its responsibilities to the wider community. In tandem with creating excellent living and working environments, developing brownfield sites and regenerating neglected land and buildings, is the need to add significantly to the daily life of the communities in and around our developments. The Group continues to provide community benefits, through the planning system, which average in excess of £2.5m per annum. These benefits are wide ranging encompassing improvements to the local infrastructure, the provision of education and social facilities and the protection and enhancement of natural habitats for wildlife. Over a number of years Redrow has worked closely with a significant number of schools, enabling children across a wide age range to obtain a greater understanding of our industry. During the last twelve months Redrow has, through these partnerships, been instrumental in the launch of the 'Curriculum Resource Pack'. This is now freely available to all primary schools in the UK and through a better understanding of the development process, is building upon the National Curriculum. For a number of years, Redrow has been a member of Business in the Community, an organisation which seeks to link the corporate sector with the community. Over the last year, Redrow employees have fully embraced the objectives of Business in the Community continuing to promote the 'Small Business Mentoring' and 'Learning Link' schemes, whilst actively participating in 'Team Challenges'. ...ITS STAFF The importance of our employees, be they office or site based, can never be overstated and their commitment and loyalty are both recognised and valued. The continuing development of the Group, combined with the increasing complexity of our industry, requires additional skills at all levels within the organisation. Over the last few years wide ranging training programmes have been introduced with schemes for craft apprentices, graduates, professional qualifications and management development at all levels. In addition, computer based training aids are being developed to facilitate the induction of new employees to the Group. ... AND THE FUTURE The Group has entered the new financial year with substantial strength. Redrow Homes enjoys record forward sales and land bank combined with a product portfolio that is widely acclaimed within the market. Redrow Commercial has successfully let and construction completed major schemes at both Windsor and Altrincham and in conjunction with the Homes companies, is enabling the Group to consolidate its position as a major mixed use developer. For companies consistently to deliver high returns and growth rates, they need an enduring competitive advantage. The quality of our people, our land bank and our product provide Redrow with that advantage. Provided the U.K. economy is not adversely affected by, in particular, pressures from the U.S.A. or Europe, the Group can look forward with confidence to sustaining its record of long term profitable growth and to continuing to deliver Shareholder value. Paul Pedley Chief Executive Redrow plc Consolidated Profit and Loss Account 12 months to 30 June 2001 Note 2001 2000 £m £m Turnover - continuing operations 2 421.2 405.7 Cost of sales (314.9) (313.3) ______ ______ Gross profit 106.3 92.4 Net operating expenses 2 (26.8) (24.7) ______ ______ Operating profit - continuing operations 2 79.5 67.7 Net interest payable (7.4) (0.5) ______ ______ Profit on ordinary activities before taxation 2 72.1 67.2 Tax on profit on ordinary activities 3 (19.0) (16.8) ______ ______ Profit on ordinary activities after taxation 53.1 50.4 Dividends (8.7) (11.2) ______ ______ Retained Profit 44.4 39.2 ______ ______ Earnings per ordinary share - basic 4 30.2p 22.5p ______ ______ Earnings per ordinary share - diluted 4 30.1p 22.4p ______ ______ Dividends per ordinary share 6 5.5p 4.95p ______ ______ There are no recognised gains or losses other than as shown above. There is no material difference between the profit on ordinary activities before taxation and the retained profit for the year stated above and their historic cost equivalent. Redrow plc Consolidated Balance Sheet as at 30 June 2001 Note 2001 2000 £m £m Fixed assets Tangible assets 13.8 13.0 Investments 0.1 0.1 ______ ______ 13.9 13.1 ______ ______ Current assets Stocks and work-in-progress 7 417.1 361.6 Other current assets 6.9 13.9 Bank and cash deposits 8 8.0 1.9 ______ ______ 432.0 377.4 ______ ______ Creditors due within one year Bank loans and overdrafts (10.2) (13.5) Creditors 9 (126.0) (113.0) ______ ______ (136.2) (126.5) ______ ______ ______ ______ Net current assets 295.8 250.9 ______ ______ Total assets less current liabilities 309.7 264.0 Creditors due after more than one year 9 (121.0) (3.3) Provisions for liabilities and charges (1.6) (1.5) ______ ______ Net assets 187.1 259.2 ______ ______ Capital and reserves Called up ordinary share capital 15.8 22.5 Share premium account 51.3 50.8 Revaluation reserve 0.3 0.3 Capital redemption reserve 7.0 0.2 Consolidation reserve 0.9 0.9 Profit and loss account 111.8 184.5 ______ ______ Equity shareholders' funds 187.1 259.2 ______ ______ Redrow plc Consolidated Cash Flow Statement 12 months to 30 June 2001 Note 2001 2000 £m £m Net cash inflow from operating activities 10 45.6 16.8 ______ ______ Returns on investments and servicing of finance Interest received 0.7 0.6 Interest paid (6.8) (1.2) Issue costs of new bank borrowings (1.1) - ______ ______ Net cash outflow from returns on investments and servicing finance (7.2) (0.6) ______ ______ Taxation Corporation tax paid (17.4) (17.2) ______ ______ Net Cash inflow/(outflow) from Capital expenditure and Financial Investment 4.3 (8.3) ______ ______ Dividends paid (10.3) (10.5) ______ ______ Cash inflow/(outflow) before financing 15.0 (19.8) Financing Issue of ordinary share capital 0.3 0.7 Capital redemption (116.9) - Cash deposits - restricted use 2.0 2.0 Net issue of bank borrowings 110.0 - ______ ______ Net cash (outflow)/inflow from financing (4.6) 2.7 ______ ______ Increase/(decrease) in cash in period 10.4 (17.1) Cash deposits - restricted use (2.0) (2.0) Movement in bank borrowings (110.0) - Net issue costs of bank borrowings 1.0 - ______ ______ (100.6) (19.1) Net (debt)/cash at 1 July (11.6) 7.5 ______ ______ Net (debt) at 30 June (112.2) (11.6) ______ ______ Redrow plc Notes to the preliminary announcement 12 months to 30 June 2001 1. Basis of preparation The above results and the accompanying notes do not constitute statutory Accounts within the meaning of Section 240 of the Companies Act 1985. They are taken from the full accounts which have received an unqualified report by the auditors and will be filed with the Registrar of Companies. 2. Segmental information 2001 2000 £m £m Turnover Homes 416.9 396.7 Commercial 4.3 9.0 ______ ______ 421.2 405.7 ______ ______ Profit on ordinary activities before taxation Homes 76.3 65.9 Commercial 1.8 1.8 Listed investments 1.4 - ______ ______ 79.5 67.7 Interest (7.4) (0.5) ______ ______ 72.1 67.2 ______ ______ Net assets Homes 268.6 242.5 Commercial 30.7 22.9 Listed investments - 5.4 ______ ______ 299.3 270.8 Net (borrowings) (112.2) (11.6) ______ ______ Net assets 187.1 259.2 ______ ______ Net operating expenses of £26.8m comprises administrative expenses of £28.2m and other operating income of £1.4m in respect of listed investments. The listed investments were included within the assets of the Homes Division in the Accounts for the year ended June 2000. A charitable donation of £1.0m to The Morgan Foundation, a charitable trust established by S P Morgan, has been included within administrative expenses and in the results of the Homes Division. 3. Taxation The effective rate of tax for the year is 26.4% (2000: 25.0%). This takes account of the utilisation of the remaining tax losses within Redrow Homes (Southern) Limited which were acquired within Costain Homes Limited in 1993. 4. Earnings per share The calculation of the basic earnings per share of 30.2p (2000: 22.5p) is based on Group profit on ordinary activities after taxation of £53.1m (2000: £50.4m) and on the weighted average number of 10p ordinary shares in issue of 175.5m (2000: 224.3m). The average reflects an adjustment in respect of surplus shares held in trust under the Redrow Long Term Share Incentive Plan. Diluted earnings per share has been calculated in accordance with FRS14 based on the weighted average number of 10p ordinary shares in issue of 176.5m (2000: 225.2m). 5. Half year comparison 6 months 6 months to to 30 June 2001 31 December 2000 Unit Sales 1,806 1,658 ______ ______ £m £m Turnover 223.0 198.2 ______ ______ Operating profit 41.6 37.9 Interest payable (4.7) (2.7) ______ ______ 36.9 35.2 ______ ______ Earnings per ordinary share - basic 23.6p 13.4p 6. Dividends The final dividend of 3.67p will be recommended to Shareholders for approval at the Annual General Meeting on 5 November 2001. This dividend will be paid on 23 November 2001 to Shareholders whose names are on the Register of Members at the close of business on 21 September 2001. The shares will become ex-dividend on 19 September 2001. This dividend when added to the interim makes a total dividend for the year of 5.5p (2000: 4.95p). 7. Stocks and work-in-progress 2001 2000 £m £m Land held for development 252.0 236.7 Work-in-progress 162.7 117.0 Stock of showhomes 9.5 12.7 ______ ______ 424.2 366.4 Cash on account (7.1) (4.8) ______ ______ 417.1 361.6 ______ ______ Work-in-progress includes £3.0m (2000: £0.9m) in respect of part exchange properties. 8. Bank and cash deposits Bank and cash deposits at 30 June 2001 of £8.0m represent balances on Treasury and HIBA deposits and at 30 June 2000 represented £1.9m held in stakeholder accounts by solicitors relating to land acquisitions. 9. Amounts due in respect of development land 2001 2000 £m £m Due within one year 24.6 27.6 Due after more than one year 11.0 3.3 ______ ______ 35.6 30.9 ______ ______ 10. Analysis of cash flow from operating activities 2001 2000 £m £m Operating profit 79.5 67.7 Depreciation, including profits and losses on Disposals of fixed assets 0.9 0.9 Profit on disposal of current asset investments (1.4) - Increase in stock and work-in-progress (55.5) (55.6) Movement in other current assets, creditors and provisions 22.1 3.8 ______ ______ Cash inflow from operating activities 45.6 16.8 ______ ______ 11. Annual General Meeting The Annual General Meeting of Redrow plc will be held at St. David's Park Hotel, St. David's Park, Flintshire, on 5 November 2001, commencing at 12.00 noon. A copy of this statement is available for inspection at the registered office. Further information on Redrow plc can be found at www.redrow.co.uk.

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